Introduction of the term Internal Audit
Give a brief introduction of the term Internal Audit and also write down the Role of Internal Audit?
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The internal audit is a constant review of records and operations undertakes in the business and is normally completed by specially assigned employees. It must operate independently of all the internal check and in no case must strip any one of the responsibilities placed upon him. Internal auditing is an independent review activity in an organization for the appraisal of operations as a service to management. It is managerial control that functions by evaluating and measuring the efficiency of other controls.
To accomplish its aims the auditor has to appraisal the subsequent areas:
i) Integrity and Reliability of the information.
ii) Fulfillment with the policies, procedures, plans, laws and regulations.
iii) Protection of assets.
iv) Efficient and Economical employ of resources.
v) Achievement of established aims and objectives for operations or programs.
Elucidate the difference between statutory audit and internal audit?
How does the internal audit vary from an external audit?
Audit Controls: The common definition of an audit is a valuation of a person, association, system, procedure, enterprise, product or project. The word most generally refers to audits in accounting, internal auditing, and government auditing, however a
Write down the main Objectives of Internal Audit?
Audit procedures that ignore the actual computer processing part of business activities. A sample of input is tested and verified through standard audit technique, and the output is checked. Auditing around the computer assumes that if the output rights, then the processing is righ
Operational Audits: It is a review of how an organization's management and its operating events are functioning with respect to their efficacy and efficiency in meeting stated objectives. For illustration, a business might execute an operational audit
What is the difference between Top line revenue and Bottom line revenue.
Write down the techniques which are used throughout an audit?
Distinguish between Operating versus Non-Operating Revenue?
Auditing: Auditing is the systematic procedure of objectively obtaining and estimating evidence regarding assertions concerning economic actions and actions to ascertain the degree of correspondence among those assertions and established criteria and
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